| HomeBuy is a government funded programme
of low cost affordable home ownership. It covers the
following broad types of product. |
| |
- Open Market HomeBuy offers an
equity loan so that you purchase approximately 75%
of the equity in a property of your choice from
the open market, subject to criteria. The remaining
25% is funded through the equity loan with no interest
to pay on that loan. The loan is repayable at market
value when the property is eventually resold. Open
Market HomeBuy is mainly for key workers.
- New Build HomeBuy offers new
homes on a part buy/part rent basis where you purchase
a share in the property, typically 50%, and pay
a discounted rent to the housing association on
the remaining share.
- New Build discounted rent –
new homes available at approximately 80% of market
rents for homes of similar size and specification
in the surrounding areas. These are available only
to key workers.
- Social HomeBuy – offers
some housing association tenants the opportunity
to buy a share in their home. You will need to contact
your own landlord if you are interested in buying
your housing association rented home.
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| Note: Open Market HomeBuy is currently
under government review and may be subject to change
around October 2006. The change is likely to alter the
information described on this web page. |
| |
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| Supporting information from [ housingcorp.gov.uk
] |
|
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